Plan Installation and Qualification

Before a new plan can be installed or when an existing plan is amended, a number of important tasks must be managed and completed. RSG specializes in ensuring all the details are handled expertly and efficiently. This is an important part of the process because tax benefits are assured only after your plan is approved, or qualified by the IRS. We handle the accurate and timely submission of a new or redesigned plan to the IRS and Department of Labor, including preparation of an IRS pre-approved plan document, accompanying summary plan description and all appropriate notices or the necessary amendments required when modifying an existing plan.

As part of the installation and qualification phase of design, RSG manages all that is required to make the plan and trust operative and to assure initial qualification under the appropriate Internal Revenue code sections. During this phase, RSG will: 

  • Draft a prototype plan document to be submitted to the company’s tax and legal advisors for review and approval. This is followed by the adoption of the plan by an appropriate company resolution.
  • Prepare the summary plan description (a simple, non-technical explanation of the major provisions of the plan) for distribution to employees. 
  • Prepare the forms required for IRS qualification and Department of Labor approval, along with the consultation needed with these governmental entities.